An automatic disc loading and exchanging apparatus for use in a video and/or audio disc player is known which is capable of automatically selecting a disc or discs from the stock of video and/or audio discs and loading the selected disc or discs into a disc drive unit. An example of a video and/or audio disc player equipped with such a disc loading and exchanging apparatus is shown in Japanese Patent Application No. 56-67396. In the disc loading and exchanging apparatus disclosed in this Patent Application, a plurality of video and/or audio discs are arranged axially in alignment with one another and a disc drive unit associated with an information pickup unit is provided to be movable in parallel with the array of the discs. The locations of the individual discs in stock are detected by photoelectric transducer means and the disc drive unit is moved to a position corresponding to a selected disc in response to a signal produced by such detecting means. When the disc drive unit reaches the particular position the selected disc is transferred from the array of the discs in stock. When two or more discs are to be played back successively, the disc drive unit is first moved to a position corresponding to one of the selected discs and receives the first disc. Upon completion of the playback operation with the first disc, the disc is returned to the array of the discs in stock and thereupon the disc drive unit is moved to a position corresponding to a second selected disc. Thus, there is a considerable length of time interval between the termination of the reproduction of one disc and the start of the reproduction of another. The present invention contemplates provision of an disc loading and exchanging apparatus in which exchange of discs can be effected without involving such a time interval.